Making it OfficialA news release to make the expiry official on the street:
WHITEHORSE, Yukon, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is providing notice that its proposed offer to ATAC Resources Ltd. (“ATAC”) has expired and is no longer open for acceptance by the Board of Directors of ATAC.
On January 12, 2023, Victoria submitted a non-binding proposal to acquire 100% of the issued share capital of ATAC. Victoria proposed to offer C$0.12 per ATAC share, payable in Victoria shares. Following the rejection of its offer by the Board of Directors of ATAC, Victoria announced the extension of its offer until February 17, 2023 (see Company News Release dated February 13, 2023).
“When we made our offer to ATAC we felt that we were in a unique position to de-risk and add value to ATAC’s portfolio of assets,” stated John McConnell, President and CEO of Victoria. “Clearly, we are disappointed that ATAC’s Board of Directors did not allow shareholders to vote on our proposal which included an above-market premium. Victoria has an increasing production profile at the Eagle mine, as well as emerging and growing discoveries at both Raven and Lynx. We would have welcomed ATAC shareholders to share in these exciting growth opportunities. We are now moving on.”
Victoria’s offer to ATAC expired on Friday, February 17 at 5:00pm (Vancouver time). Between February 13, 2023 and the expiry of its offer, Victoria received no engagement from ATAC’s Board of Directors. Victoria wishes ATAC’s management and Board of Directors success as they work to achieve their future exploration, permitting, and capital allocation objectives.